WILMINGTON – The 426-unit Cordelia apartment complex and its surrounding 42-acre site changed hands for $117 million in a deed recorded Oct. 15.
The New Hanover County Register of Deeds recorded the transfer as instrument 2026028551 at book 6881, page 58. The record lists $234,000 in excise tax, consistent with the reported $117 million price.
Azalea Apartment Owner LLC sold the property to seven entities: Brookside-Cordelia LLC, Sandwood-Cordelia LLC, Park Ridge Real Estate LLC, Como II LLC, Oakgreen Commons LLC, Arbor Lakes Senior Living LLC and Arbor Lakes Senior Living II LLC.
WilmingtonBiz reported that several of the purchasing entities share the St. Paul, Minnesota, address of At Home Apartments and list company founders Michael Cashill and Alan Spaulding as officers. The two Arbor Lakes entities are linked through their listed address and officer to Southview Senior Communities in Minnesota.
The Cordelia was developed by Charleston-based Woodfield Development and completed in 2024. The seller is tied to Woodfield through J. Kelly Lanier, the firm’s vice president of accounting and tax, who is listed as an administrative member of Azalea Apartment Owner LLC.
The transaction works out to about $274,648 per apartment, before allocating any value to the surrounding land. It transfers ownership of one of Wilmington’s larger recently completed rental communities and represents a nine-figure investment in the region’s multifamily market.
The buyers and Woodfield did not immediately respond to WilmingtonBiz requests for comment. No change to the property’s day-to-day management, staffing or rental operations was announced with the recorded sale.